The Dutch auction for Otherdeed NFTs has been suspended by Yuga Labs’ Otherside metaverse project. The NFTs will now be sold at a fixed price of 305 ApeCoins (APE), with 55,000 Otherdeed NFTs available for purchase by KYC users.
Yuga Labs had previously planned to hold a Dutch auction for land sale in the Otherside metaverse. The decision has since been rescinded since it fails to mediate demand and does not mediate gas conflicts. In a Dutch auction-style sale, the price is set after all bids are received and the highest price at which the total offering can be sold is reached.
Yuga Labs Pulls Out Otherside Dutch Auction
In a tweet, the Otherside expressed concern about the rise in gas wars as a result of Dutch auction-style sales. Given that the Otherdeed NFT mint is one of the largest and most in-demand NFT mints, gas prices could skyrocket if a huge amount of NFTs is minted.
Moreover, at the commencement of the sale, there will be an enforced restriction of 2 NFTs per wallet to ensure the widest distribution and reduce the enormous gas war. However, the quantity of NFTs that can be minted will increase over time as minting continues.
Therefore, the cost of minting a BAYC’s new project Otherdeed NFT will be a fiat price of 305 ApeCoin (APE). A total of 55k Otherdeeds will be available for purchase by KYC wallets. To participate in the sale, users must complete the KYC. Coincidentally, the “305” number, which is also code for Miami, was seen in the teaser video for the Otherside.
To avoid a massive gas war, the minting mechanics will be in the form of waves. The number of NFTs that can be minted doubles after each wave. With increasing waves, the team expects a drop in the number of users. As a result, gas levels might restore to normal after each wave.
Furthermore, Otherside has postponed the actual sale event after the community requested more time to set ApeCoin pre-approval. The text of the tweet is as follows:
So starting at 9am ET on 4/30, users will be able to do this. The actual sale will not begin until 9pm ET, a full 12 hours later.”
The price of ApeCoin (APE) rises above $26
The prospect of Dutch auctions was expected to weigh on APE prices. As a result of their cancellation, the token rallied.
As predicted in a previous article, the ApeCoin (APE) price has effectively surpassed the $25 mark. In the last 24 hours, continued buying from whales and investors has driven the price to a high of $26.91. The APE price is bound to grow further near ATH, with the Otherside metaverse project in massive demand and ApeCoin being prohibited for a year.
